Japan's Mitsubishi Materials sells down stake in coal miner New Hope

Japan's Mitsubishi Materials sells down stake in coal miner New Hope

FILE PHOTO: The logo of Mitsubishi Heavy Industries is seen at the company's Sagamihara plant in Sagamihara, Japan, July 4, 2016. REUTERS/Maki Shiraki/File Photo

Japan’s Mitsubishi Materials Corp has sold its stake in Australian coal producer New Hope Corp for A$157.6 million ($104.00 million), cashing out after more than 30 years, as part of a realignment of its shareholding portfolio.

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